Bhutan has once again sold some of its BTC reserve and the pace is accelerating.
The Royal Government of Bhutan transferred 519,707 BTC worth $36.75 million on Wednesday to an external address, according to data from Arkham Intelligence. The transfer continues a reduction that has intensified dramatically in the last two weeks, with approximately $152 million in total outflows in 2026 alone.
The week before Wednesday’s move was the most active period in the kingdom’s bitcoin history. Arkham’s output data shows a cluster of transfers totaling approximately $72 million in a single week, led by a transfer of 595,848 BTC worth $44.44 million, the largest single move of the year.
This was followed by 205.53 BTC ($15.14 million) and 150,047 BTC ($11.14 million) sent to external addresses, plus 20,506 BTC ($1.52 million) to QCP Capital’s trading deposit address.
In January, Bhutan moved 184 BTC ($14.09 million) to an external wallet, sent 100,818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. In February, another 100 BTC ($6.77 million) went to QCP. Two weeks ago, 175 BTC ($11.85 million) came out. Then, last week the $72 million skyrocketed. Then Wednesday’s $36.75 million.
The boss went from transfers of between $5 and $15 million in January and February to transfers of between $35 and $45 million in March.
QCP Capital has been the most consistent counterparty, receiving three separate transfers totaling approximately $16.6 million this year. The Singapore-based trading company’s repeated appearance as a destination suggests an OTC relationship for structured sales rather than ad hoc settlements.
Bhutan’s stack peaked at around 13,000 BTC in late 2024, built over several years through state-backed hydro mining, where the cost base is effectively zero.
Every coin sold is a profit for the country, whose economy relies heavily on hydroelectric exports to India.
The reduction began after October 2024 and has been pronounced. Current holdings stand at 4,453 BTC worth $315 million, a 66% reduction in coins from the peak. Arkham’s breakeven chart shows that the value of the portfolio peaked near $1.88 billion and now sits at $315 million, affected on both sides by the sell-off and bitcoin’s fall from $119,000 to $70,000.
In December, Bhutan unveiled a Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City. At the time it was worth approximately $860 million. The government now owns fewer than 4,500 coins. The promise in its original form is mathematically impossible to fulfill without reversing the reduction entirely.
CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and whether Gelephu’s pledge remains active.
